News & Analysis as of

Foreign Insurance Companies

Bankruptcy Court Requires An MF Global Holdings Bermuda Reinsurer To Post $15 Million Bond Before Deciding Motion To Compel...

by Carlton Fields on

In the most recent decision in an ongoing dispute between MF Global Holdings Ltd. and its (re)insurers, the Bankruptcy Court for the Southern District of New York ordered Allied World to post a $15 million bond before the...more

China: CIRC Publishes Final Requirements for Collateral in Cross-border Reinsurance Transactions

by Hogan Lovells on

On 9 August 2016, the China Insurance Regulatory Commission (“CIRC“) issued the Notice on Matters Relating to Collateral Provided by Offshore Reinsurers (Draft) (the “Draft Notice“) for public consultation. On 13 March 2017,...more

Insuring and reinsuring Canadian risks from the United States

by Dentons on

Over the past ten years, regulation in Canada of insurers has evolved significantly. Prior to the financial crisis, Canada’s primary regulator had begun to move from a "rules-based" approach to regulation to a...more

US/UK Insurance Continues to be “Business as Usual” in Light of Pending New US/EU Insurance Agreement

by Robins Kaplan LLP on

A five year agreement between the US and the EU standardizing certain requirements for foreign insurers was finalized and presented to Congress for 90 days of review and comment on January 13, 2017 after lengthy negotiations...more

China: CIRC Issues New Measures for Compliance Management of Insurance Companies

by Hogan Lovells on

On 4 January 2017 the China Insurance Regulatory Commission (“CIRC“) published on its website the final version of the Measures on the Compliance Management of Insurance Companies (the “Compliance Measures“), which will...more

Blog: EIOPA Publishes Guidelines On The Supervision Of 3rd-Country Insurance Branches

by Cooley LLP on

The European Insurance & Occupational Pensions Authority (EIOPA) has published its “Guidelines on the supervision of branches of third-country insurance undertakings“. The Guidelines are intended to ensure that...more

U.S. PFIC Taxation Exemption to be Narrowed?

by Foley & Lardner LLP on

The last 15 years have seen the advent of a new reinsurance platform, where hedge funds have sponsored non-U.S. reinsurers, who in turn invest their capital in the sponsoring hedge funds. While there are business rationales...more

Insurance 2015 year-end review and forecast for 2016

by DLA Piper on

Our Year-End Review and Forecast for 2016 reviews some of the more notable events and trends in the insurance industry over the past 12 months. Our crystal ball is a bit clouded by the scale and speed of changes we see, but...more

IRS Revokes Ruling That Imposed Excise Tax On Wholly Foreign Reinsurance Transactions

by Carlton Fields on

The Internal Revenue Service recently revoked a 2008 ruling that a 1% excise tax under section 4371(3) of the Internal Revenue Code applied to “reinsurance premiums paid by one foreign insurer or reinsurer to another.” The...more

New Hampshire Federal Court Rules That England’s Statute Of Limitations Applies To A Cedent’s Breach Of Contract Claim

by Carlton Fields on

In a diversity action based upon breach of a facultative reinsurance certificate, a New Hampshire federal court recently held that England’s six-year statute of limitations governed a cedent’s contract claim, rejecting the...more

Tax Court Holds that Residual Value Insurance Qualifies as Insurance for Tax Purposes

On September 21, the United States Tax Court held in favor of the taxpayer in R.V.I. Guaranty Co., Ltd. and Subsidiaries v. Commissioner, 145 T.C. No. 9 (2015). The court concluded that the residual value insurance policies...more

Insurance Newsletter September 2015

by Locke Lord LLP on

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

Validus Round Two: Court of Appeals’ Decision Holding That Wholly-Foreign Retrocessions Are Not Subject to Federal Excise Tax...

by Locke Lord LLP on

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

The IRS Turns Up the Heat on Hedge Fund-Backed Reinsurance

by BakerHostetler on

After years of inaction, the Internal Revenue Service (IRS) is throwing up obstacles to enjoying the tax advantages of hedge fund-backed reinsurance. On April 24, 2015, the IRS issued a notice of proposed rulemaking titled...more

D.C. Circuit Holds That Wholly Foreign Retrocessions Not Subject To U.S. Excise Tax

by Carlton Fields on

In late May, the United States Court of Appeals for the District of Columbia Circuit affirmed a grant of summary judgment to a reinsurer in a dispute with the IRS regarding the imposition of U.S. excise taxes on a wholly...more

Validus Affirmed for All the Right Reasons – The FET Does Not Apply to Wholly Foreign Reinsurance Transactions

On May 26, the U.S. Court of Appeals for the District of Columbia affirmed the result of the U.S. District Court for the District of Columbia in Validus Reinsurance, Ltd. v. U.S., 19 F. Supp. 3d 225 (2014), which was the...more

Wholly foreign retrocession premiums not subject to US excise tax

by DLA Piper on

The United States Court of Appeals for the District of Columbia has affirmed a lower court’s grant of summary judgment in Validus Reinsurance, Ltd. v. United States, in favor of the taxpayer, though on narrower grounds than...more

Locke Lord QuickStudy: Validus Court of Appeals Decision - Wholly-Foreign Retrocessions Not Subject to Federal Excise Tax

by Locke Lord LLP on

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

Validus Wins Round Two: Wholly-Foreign Retrocessions Not Subject to Federal Excise Tax

by Locke Lord LLP on

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a lower court decision and ruled that the IRS could not impose excise tax on certain wholly-foreign retrocessions of insurance. The...more

IRS Publishes Proposed Regulations for Hedge Fund Reinsurance Arrangements

by BakerHostetler on

In April 24’s Federal Register, the IRS released proposed regulations (REG-108214-15) to restrict when a foreign insurance company’s income can be excluded as passive income by giving a more strict definition for the “active...more

Treasury and the IRS Offer a New Take on the PFIC Active Insurance Exception

On April 23, Treasury and the IRS issued proposed regulations interpreting the active insurance exception under the passive foreign investment company (PFIC) rules. Although the release of the proposed regulations did not...more

Insurance Brokers to be the gatekeepers for unauthorised foreign insurers in North Queensland

by DLA Piper on

The announcement last week of the establishment of an aggregator website for North Queensland strata, home building and home contents insurance coupled with a proposal to allow unauthorised foreign insurers (UFI) into the...more

Florida Jury Rejects Foreign Insurer’s Claims

by Carlton Fields on

A Florida jury rejected all claims made by Instituto Nacional de Seguros (“INS”), a Costa Rican insurer, against two reinsurance brokers, Hemispheric Reinsurance Group, LLC and Howden Insurance Brokers, Ltd. As previously...more

Assistant Treasurer announces measures to address insurance needs of North Queensland

by DLA Piper on

At the Insurance Council of Australia’s 2014 Regulatory Update on Friday 28 February, the Assistant Treasurer announced the development of an aggregator for the North Queensland domestic and strata property insurance market...more

Formation and Structural Considerations for U.S. Operations of Chinese Insurance Companies

by Wilson Elser on

Although China has a national insurance regulator – the China Insurance Regulatory Commission (CIRC) – Chinese insurers must be licensed in each province or independent municipality in which they wish to operate. The current...more

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